Latest bank FD interest rates in India – Mar-2013


Latest bank FD interest rates in India-Mar-2013

Latest bank FD interest rates in India – Mar-2013

Bank FD interest rates are expected to come down in the next 1 to 2 months. Among the various fixed income options available for an investor the best and safe investment option is investment in Bank fixed deposits (FD) in India. This is continued to be the favorite investment options for several investors including the investments by senior citizens. As part of our monthly article, enclosed are the latest bank FD interest rates in India.

Comparison of latest bank FD interest rates.


The comparison list would help investors to choose the right bank for their bank fixed deposits.Green indicates that the rates are increased compared to our previous month article and RED indicates that the rates are reduced comparing to our previous article.

Latest bank FD interest rates in India - Mar-2013

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Suresh
Latest bank FD interest rates in India – Mar-2013


Article by Suresh

Suresh KP i.e. me have written 500+ articles on this blog. I love doing analysis and identifying the Best investment options.

12 Comments

  1. ratnakar says:

    I have earned around 8k rupees interest on fixed deposits for assessement year 13-14. although its under 10k, my bank has deducted TDS of around 800 rupees. I am in 30% tax slab. Now, what should I do. Do I need to pay the remaining 20% tax for the interest earned or am I eligible to request for return of this tax. 

    • Suresh says:

      Ratnakar, as indicated in other comments too, only SB account interest upto Rs 10K is tax free, else all other bank FD interest is taxable as per your income tax slab. If bank has deducted 10% interest, pay balance of 20% (since you are in 30% tax bracket) tax through any bank and file ITR

  2. Ratna Das says:

    hello Sir, My mother is a widow pensioner who will get approx Rs 9500 per month. After my fathers death we got an ROC value of around 20Lakhs. how to invest this amount through MIS for extra income as we need around 25000 per month for family expenditure. also guide us to avoid extra taxes. we dnt want to invest in MF or any bonds or share market. 

    • Suresh says:

      Hi Ratna, Since you do not want to invest in MF or bonds or stocks, you can invest in Bank FD or Post office MIS scheme. You would get returns ranging between 8.5% to 9.5%. Since you mother is senior citizen, she would get 0.5% more interest. If you invest Rs 20 lakhs in SBI or Indian Bank (Nationalized banks), assuming you would get 9.5% interest (pre-tax), you would get returns of Rs 190,000. Pension per annum + Interst per annum = Rs (9500×12) + Rs 190,000 = Rs 304,000. Since the taxable limit is Rs 2 lakhs only, you need to pay Rs 10,400 as tax on balance of Rs 104,000. Even assuming that you would pay this tax, your returns on Rs 20 lakhs post tax would be Rs 180,000. Your monthly net income would come to Rs 24,300 / month. Looks it would be nearer to your expectation.

  3. Hemant says:

    I m selling one residential property of mine which will fetch me around 25L.could u pl guide me where to invest so that i get best returns with reasonable safety with minimum tax implications.time frame 5 years.

     

    • Suresh says:

      Hemat, Under current market conditions, I would not advice you to invest a lumpsum in mutual funds. You go for debt funds / FD’s. You can slowly invest in small lots in diversified mutual funds for 5 years to get more returns.

  4. Dinesh Desai says:

    Hello Suresh,

    I am living in Sydney Australia I have been investing money in real estate. I would like to start investing in fixed deposit or any kind of safe investment which suits you. I can invest from 1L to 3L per month. Please advise me if i can open an account online and even access online. I heard interest rate in india is higher than foreign countries.

    Thanking you in advance

    • Suresh says:

      Yes dinesh, what you heard is right. Interest rates in India are high. Several banks are offering openign of NRI account online with some documentation. You can check SBI, ICICI, HDFC and few other and open the RD/FD. You can also look for investments in mutual funds. You can open NRI account with any of the mutual fund broker and start investing.

  5. Mr.jayawant says:

    Sir, i have read your various articals on this website.i have some personal qurries to ,pl .guide me.

    i am 46 years old ,presently working in saudi arabia. i am planning to return india on retirement may 1-2 years.i have some money (25-30 lakhs) which i want invest in such way that i should get immidiate monthly return as like pension,so pl .guide me various plans where i can invest ,so i can get immidiate return for family expens. i have some yearly investments LIC,M/F,(2.0-2.5 lakhs/year ) i need 20-25 thousands/month.so kindly guide me for abvoe mentioned amount.with less risk.

    thanks &reagrds

    jayawant Garud

    • Suresh says:

      Mr.Jayawant, There are several insurance companies which are offering pension schemes (like SBI, HDFC etc.,). Based on the age and other factors, the amount would differ. Alernatively, you can invest in debt mutual funds (moderate risk) or Post office monthly income schemes (which is more secured) and you can get regular income.

  6. JD says:

    Dear Suresh,

    Thank you for providing the FD rates of banks. I have a couple of questions on investments in FD

    1. What are the tax implications on investment in FD

    2.  I have a VRD with Indian bank. They told me that TDS will not be deducted. Is that true? Also  how will tax be deducted. 

     

    I am a salaried individual.

     

    Thanks 

    JD

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